NPORT-EX 2 ttp.htm

Tortoise Pipeline & Energy Fund
  
Schedule of Investments
  
as of February 29, 2024 (Unaudited)
  
   
COMMON STOCKS - 99.2%
Shares
  
Value
  
Canada Crude Oil Pipelines - 15.5%
      
Enbridge, Inc.
    
172,836
    
$
5,949,015
  
Gibson Energy, Inc.
    
50,815
      
840,583
  
Pembina Pipeline Corp.
    
124,957
      
4,348,612
  
             
11,138,210
  
                 
Canada Natural Gas/Natural Gas Liquids Pipelines - 8.1%
          
Keyera Corp.
    
78,735
      
1,937,119
  
TC Energy Corp.
    
98,117
      
3,880,527
  
             
5,817,646
  
                 
United States Crude Oil Pipelines - 12.2%
          
Plains GP Holdings, L.P.
    
508,250
      
8,741,900
  
                 
United States Natural Gas Gathering/Processing - 12.0%
          
Antero Midstream Corp.
    
141,044
      
1,889,990
  
Equitrans Midstream Corp.
    
307,343
      
3,285,496
  
Hess Midstream Partners LP
    
91,698
      
3,125,985
  
Kinetik Holdings, Inc.
    
8,934
      
315,549
  
             
8,617,020
  
                 
United States Natural Gas/Natural Gas Liquids Pipelines - 46.4%
          
Cheniere Energy, Inc.
    
22,822
      
3,541,974
  
DT Midstream, Inc.
    
15,694
      
904,445
  
Excelerate Energy, Inc.
    
8,917
      
139,997
  
Kinder Morgan, Inc.
    
389,508
      
6,773,544
  
NextDecade Corp.(a)
    
70,953
      
325,674
  
ONEOK, Inc.
    
116,871
      
8,779,351
  
Targa Resources Corp.
    
46,463
      
4,564,525
  
The Williams Companies, Inc.
    
230,187
      
8,272,921
  
             
33,302,431
  
                 
United States Renewables and Power Infrastructure – 5.0%
          
Clearway Energy, Inc.
    
22,000
      
479,600
  
NextEra Energy Partners LP
    
29,030
      
797,454
  
Sempra Energy
    
32,242
      
2,276,285
  
             
3,553,339
  
TOTAL COMMON STOCKS (Cost $59,033,792)
      
71,170,546
  
                 
MASTER LIMITED PARTNERSHIPS - 23.2%
Units
  
Value
  
United States Crude Oil Pipelines - 1.6%
          
NuStar Energy LP
    
48,386
      
1,142,877
  
                 
United States Natural Gas Gathering/Processing - 3.8%
          
Western Midstream Partners LP
    
82,032
      
2,743,970
  
                 
United States Natural Gas/Natural Gas Liquids Pipelines - 11.6%
          
Energy Transfer LP
    
292,468
      
4,281,732
  
Enterprise Products Partners LP
    
148,325
      
4,071,521
  
             
8,353,253
  
                 
United States Other - 0.2%
          
Westlake Chemical Partners LP
    
4,940
      
109,866
  
                 
United States Refined Product Pipelines - 6.0%
          
MPLX LP
    
111,185
      
4,273,952
  
TOTAL MASTER LIMITED PARTNERSHIPS (Cost $7,654,876)
      
16,623,918
  
                 
SHORT-TERM INVESTMENTS - 0.4%
                
Money Market Funds - 0.4%
Shares
          
Invesco Government & Agency Portfolio – Institutional Class, 5.25%(c)
    
295,600
      
295,600
  
TOTAL SHORT-TERM INVESTMENTS (Cost $295,600)
      
295,600
  
                 
TOTAL INVESTMENTS - 122.8% (Cost $66,984,267)
    
$
88,090,064
  
Other Assets in Excess of Liabilities – 0.0%(b)
      
(2,385
)
Credit Facility Borrowings - (8.8)%
      
(6,300,000
)
Senior Notes - (5.5)%
      
(3,942,857
)
Mandatory Redeemable Preferred Stock at Liquidation Value - (8.5)%
      
(6,100,000
)
TOTAL NET ASSETS - 100.0%
          
$
71,744,822
  
                 
Percentages are stated as a percent of net assets.
          

(a)
Non-income producing security.
(b)
Represents less than 0.05% of net assets.
(c)
The rate shown represents the 7-day effective yield as of February 29, 2024.

Summary of Fair Value Exposure
The Fund has adopted fair value accounting standards, which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value.  These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion in changes in valuation techniques and related inputs during the period and expanded disclosure of valuation levels for major security types.  These inputs are summarized in the three broad levels listed below:

Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.

Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly.  These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund's own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

Following is a description of the valuation techniques applied to the Fund’s major categories of assets and liabilities measured at fair value on a recurring basis.  The Fund’s investments are carried at fair value.

Municipal Bonds —Municipal bonds, including listed issues, are valued at fair value on the basis of valuations furnished by an independent pricing service which utilizes both dealer-supplied valuations and formula-based techniques. The pricing service may consider recently executed transactions in securities of the issuer or comparable issuers, market price quotations (where observable), bond spreads, and fundamental data relating to the issuer. Most municipal bonds are categorized in Level 2 of the fair value hierarchy.

Securities for which market quotations are not readily available, or if the closing price does not represent fair value, are valued following procedures approved by the Board of Directors. The Board of Directors will regularly evaluate whether the Fund’s fair value pricing procedures continue to be appropriate in light of the specific circumstances of the Fund and the quality of prices obtained through the application of such procedures by the Fund’s valuation committee.

When fair value pricing is employed, security prices that the Fund uses to calculate its NAV may differ from quoted or published prices for the same securities. Due to the subjective and variable nature of fair value pricing, it is possible that the fair value determined for a particular security may be materially different (higher or lower) than the price of the security quoted or published by others, the value when trading resumes, and/or the value realized upon the security’s sale. Therefore, if a shareholder purchases or redeems Fund shares when the Fund holds securities priced at a fair value, the number of shares purchased or redeemed may be higher or lower than it would be if the Fund were using market value pricing.

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

The following table is a summary of the inputs used to value the Fund’s securities by level within the fair value hierarchy as of February 29, 2024:

Tortoise Pipeline & Energy Fund
  
   
Level 1
    
Level 2
    
Level 3
    
Total
  
Assets:
                        
  Common Stocks
  
$
71,170,546
    
$
–
    
$
–
    
$
71,170,546
  
  Master Limited Partnerships
    
16,623,918
      
–
      
–
      
16,623,918
  
  Money Market Funds
    
295,600
      
–
      
–
      
295,600
  
Total Assets
  
$
88,090,064
    
$
–
    
$
–
    
$
88,090,064
  
                                 
   
Refer to the Schedule of Investments for industry classifications.